Latest news
Latest news
◆ EU regs plan sparks debate over treatment of secured borrowing ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other? ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS market
New law expected to accelerate the dominance of professional landlords
Together added to the sterling market with a small ticket CRE CMBS
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The performance of the prime residential mortgage-backed securities market in the U.K. remained stable in the three-month period ended Feb. 29, according to Moody’s Investors Service.
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Paul Tucker, deputy governor of the Bank of England, says regulators should have more power to control shadow banking by having the authority to impose higher collateral requirements on transactions, among other things.
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Aegon was putting the finishing touches to the first dollar 144A RMBS from a Dutch originator as EuroWeek went to press, with the deal expected to be completed on Friday. The lead managers were able to tighten pricing from guidance before launch, suggesting demand was large and investors unfazed by political moves in the Netherlands this week.
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Bradford and Bingley’s Aire Valley master trust could breach its non-asset trigger next month, altering the order of payments across the entire structure. Aire Valley bonds will become more liquid as a consequence, according to bankers, but not liquid enough to displace Granite as the RMBS market benchmark.
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UK building societies this week returned to the RMBS market and found sterling investors waiting with open arms. Some of the largest global asset managers are back on the lookout for UK RMBS, putting the building societies in a propitious position, said bankers.
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MetLife has filed suit against Morgan Stanley alleging fraud involving $757 million in residential mortgage-backed securities it bought in 2006 and 2007.
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Dutch lender Aegon Levensverzekering N.V’s Saecure 11, the first residential mortgage-backed securitization from the Netherlands to be sold in dollars, is expected to price by Friday with market officials now predicting the deal will blow open the doors for more Dutch issuers to tap U.S. investor appetite.
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U.K. lender Skipton Building Society is preparing a follow-up foray into the residential mortgage securitization market with Darrowby No. 2, just as more U.K. building societies price their debut transactions in the market.
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Nomura has now teamed up with Bank of America and Morgan Stanley, which are said to be considering repackaging some $1.5 billion of collateralized debt obligations into a AAA-rated tranche as a re-remic, if it holds the winning bid for CDOs from the Federal Reserve’s Maiden Lane portfolio.